Why Diversity is Important in Real Estate?

Why Diversity Is Important In Real Estate

With the uncertain events unfolding in the world from the past year, the topic of diversity has been pulled into focus and getting into conversations everywhere from the real estate offices to the newsrooms.

In this modern world, the time has encouraged us to change the dial on diversity and inclusion for many sectors.

What do you know about Diversity, Equity, and Inclusivity?

The best definition one could find would be the cultural or ethnic variety. If we frame them in a social context, this is – something we are all familiar with – equity and inclusivity. To differentiate between the three, there is a beautiful quote that states, “Diversity is where everyone is invited to the party, equity means that everyone gets to contribute to the playlist and inclusion means that everyone has the opportunity to dance.”  

According to the Australian Institute of Company Directors, 2016, organizations with inclusive cultures are:

6x more likely to be innovative

2x more likely to meet or exceed financial targets

3x more likely to be high-performing

Women Play A Pivotal Role In Real Estate

More women are contributing to the families, which makes them have equal decision-making powers. Regardless of the financial contribution, they are playing an enormous part in the decision-making procedure of buying a property. Other than that, women are investing in the real estate sector to diversify their investment portfolios. Studies also reveal that the role of women has seen a steady rise in promotions or leading an organization.  

Diversity brings innovation

Those who are not domestic-born represent an important and growing client base. The buying power of a diverse community is growing and strong as different perspectives and different ideas come from different people and efforts can be felt exponentially.

Longevity is Valued

With age comes wisdom, the more experienced and elderly people will be hired, the more successful the company will be. The real estate Industry is patterned, huge fluctuations in the market occur in 10-year increments. The most successful agents and thriving businesses are those who’ve witnessed the business through multiple housing downturns.

But we need action, not words

This is very apparent that the talent pool is currently not big enough. Real estate agents can make a practicable and applicable difference by creating their own commitment to ethnic competency, enlightening themselves, and become advocates for fair housing in their circle.

In order to put the vision to work, knowledge and Skills, engagement, role models throughout and facilities are some of the tools, to begin with.

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